Wednesday, April 24, 2019

EOS Remains First, Ethereum Second, And Bitcoin Climbs To 15th On The Latest Chinese Crypto Ranking

The latest Chinese crypto ranking sees EOS maintain the top position again followed by Ethereum in second position and Bitcoin moving up to the 15th position. The latest ranking was released on the 24th of January.

EOS Tops The Chinese Crypto Ranking List

EOS has been dominant on the Chinese crypto ranking list since June last year that it started topping the list. The first list of the Chinese government-sponsored crypto ranking list was first announced in May 2018. The list is always released by the China’s Center for Information and Industry Development (CCID), and the latest edition is the ninth edition of such.

The latest list which is the ninth to be released saw EOS listed as the first, again, as it was in December and Ethereum in second place. Also, the latest list saw the top valued cryptocurrency (by market capitalization), Bitcoin rise from its previous position, 18th to 15th and Ripple rated as the 20th on the list.

Notably, EOS has been top choice since June last year despite the ordeal of a controversy that befell the cryptocurrency in November of the same year. The governance of the cryptocurrency was exposed by evidence suggesting that some confirmed transactions were reversed.

Chinese Government and Cryptocurrency

Though the Chinese government sponsors the crypto ranking, the country is not accommodative of digital currencies whatsoever. This has been pursued vigorously by putting regulations in place that outlaws the use of cryptocurrency in the country and equally shut down bank accounts related to cryptocurrencies in the country.

Further, there has been an exodus of crypto firms from the country to countries where crypto regulations are more conducive for the operation of these crypto startups. Chinese firms involved in aiding crypto transactions have also stopped to comply with the government regulations. Firms such as Alibaba and Tencent have taken the measure.

In contrast to the government stance on cryptocurrencies, the country has been accommodative of the underlying technology, the blockchain. Blockchain technology has seen wide adoption in the country as the government adopted the technology for different projects in the country.

Recently, Ripple launched a blockchain research scholarship in conjunction with a Chinese research university. The interest of the country in blockchain technology grows daily. However, its stance towards cryptocurrencies hampers the interest of its citizens in crypto.

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